Ocean Protocol, an open source and decentralized data exchange platform, plans to access data for artificial intelligence. This will be supported by the recently launched OceanONDA V4 upgrade.

This upgrade will target some of the key players in the data industry, including publishers, consumers and market operators. The upgrade will also address some of the most common issues found in today’s financial markets, including data management and stack draws.

Launch of OceanONDA V4 upgrade

Ocean Protocol OceanONDA V4 will provide non-fungible data tokens (NFTs) that will provide better data management, one-sided staking to address issues such as stack draws, and support better monetization through fee setting.

Ocean Protocol founder Bruce Pon commented on this update saying:

The OceanONDA V4 release is the most important step to date to achieve our vision: Ocean Protocol as the orchestration layer of data services and AI, as the infrastructure for data sharing and monetization general purpose that brings together data providers and data consumers.

The upgrade will include three new features to support the cryptocurrency community. These features include data NFTs that will support flexible data IP management, staking that will solve mat issues, and a better way for the community to monetize.

The team announced that this upgrade creates Ocean V3 data tokens. This will support “for data access control, automated data pricing, Compute-to-Data to retail data privacy and control, and the Ocean Market DApp to publish, exchange, game and consume data assets”.

Solve major problems

One of the solutions provided by this upgrade is that it will foster data NFTs that will support interoperability and composability “across the vast NFT, DeFi, and DAO ecosystems.” Data NFTs can also be used in other areas such as “comments and ratings, verifiable claims, credentials, user profile data, and social media posts”.

The upgrade will also address the rug pull issue that “occurred in Ocean V3 when data token whales retreated from their large liquidity position in data pools, negatively affecting other players.”

OceanONDA V4 smart contracts “also allow market operators to collect fees not only in consumption, but also in a pool-based exchange.” The team also believes that the upgrade will support the business of data market operators, as they have seen 100 times the growth of consumers.

Additionally, OceanONDA V4 “allows third-party vendors to provide calculations, for a fee. This supports the growth of the vendor market. This strategy” will work for centralized vendors (which both publisher and data consumer need to trust) , but also for vendors without trust (through decentralization or other privacy-preserving mechanisms).

The upgrade will also introduce updates to the Ocean Market. Some of the updates include promoting an “easier to use post flow, one-sided staking in pools, updates to the asset detail page, and an NFT image generator”

The market updates will also allow market operators to earn commissions based on usage and the fixed exchange rate. “The pool-based exchange opens up new business models within the ecosystem, as market stakeholders can define their own pricing strategy and gain from usage, but also from fixed-price exchange and MA exchanges.”

Prior to the release of the upgrade, it was tested using a public testing program on Immunefi to detect critical security vulnerabilities. In the coming months it is expected that stabilization and refinement.

Ocean Protocol is a decentralized data exchange platform that supports access to real-time quality data. The technology offered by Ocean also supports the publication, discovery and consumption of data in a secure and private manner. Ocean will return the power to the owners, which will promote privacy and the concept of Web3.

To learn more, see our Investing in Ocean Protocol guide.